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Saturday, June 10, 2023

Iron Mountain reports 4Q results

BOSTON (AP) _ Iron Mountain Inc. (IRM) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.

The real estate investment trust, based in Boston, said it had funds from operations of $ 119.9 million, or 57 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 56 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $ 5.7 million, or 3 cents per share.

The information management company that is converting a real-estate investment trust, based in Boston, posted revenue of $ 752.4 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $ 764.9 million.

For the year, the company reported funds from operations of $ 446.2 million. Revenue was reported as $ 3.01 billion.

The company’s shares have increased roughly 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined nearly 6 percent. The stock has fallen 20 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRM at http://www.zacks.com/ap/IRM


Keywords: Iron Mountain, Earnings Report

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